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FanDuel CEO Parts Ways: Former CFO Returns to Take His Place

Written by:
Guest
Published on:
Nov/20/2017

NEW YORK -- (BUSINESS WIRE) -- FanDuel today announced that the Chief Executive Officer, Nigel Eccles, who cofounded the company in 2009 redefining the fantasy sports industry, is leaving the company and stepping down from the Board of Directors to focus on his next venture. Matt King, who served as Chief Financial Officer of FanDuel from 2014-2016, has been named Chief Executive Officer and will join the Board effective immediately.

King was most recently an equity partner and the President of Regional Operations and Corporate Development at Cottingham & Butler. Before joining FanDuel in 2014, King was a Director at Kohlberg, Kravis, Roberts and Co., as well as at KKR Capstone for 11 years where he focused on building new lines of business for KKR, due diligence on new investments, and improving the operating performance of KKR’s portfolio companies. Before joining KKR, King was a Consultant at McKinsey & Company, where he served clients in a broad range of industries from insurance to petroleum. He will be based out of FanDuel’s New York headquarters.

“With his strategic vision, range of experiences, and broad skillset, I cannot imagine a better individual to steer FanDuel forward,” said Eccles. “With tremendous legislative strides in the past two years and the business moving into profitability in Q4, FanDuel is in a great position. I know Matt is the leader to capitalize on the momentum in the sports technology space to take FanDuel to the next level.”

In addition to King, FanDuel announced that Carl Vogel has been named Chairman of the Board, and David Nathanson will also join as an independent Director. Vogel previously served as the Vice-Chairman and President of DISH Network Corp., the nation’s second largest satellite broadcaster serving more than 14 million customers, and President and Chief Executive Officer of Charter Communications. Vogel currently serves as a Director at various public companies focused on media distribution, content creation, and advanced technologies that are relevant to FanDuel’s current and future business opportunities. Nathanson, an 18-year veteran of 21st Century FOX, held various roles at the company, including General Manager & Chief Operating Officer of FS1, President of TVG, and most recently, Head of Business Operations of FOX Sports Media Group.

“It’s an incredible honor to return to FanDuel at such an exciting time for the company,” said King. “Over the past eight years, Nigel has built one of the most disruptive companies in the sports world. I look forward to working with our talented team to make FanDuel the place for fans to engage with sports they love in new and exciting ways.”

The FanDuel Board said in a statement: “Nigel achieved something remarkable -- he completely redefined an existing industry. His passion, intelligence, and focus have been the bedrock of FanDuel’s success. We would like to offer our sincere thanks as he leaves to pursue his next venture. We are excited to work with Matt again. He is an exceptional executive who knows the business intimately, and has a clear vision for its next phase of growth.”

Business/Financial News

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